San Miguel says willing to sell more Meralco shares to Metro Pacific group

Reuters Staff

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MANILA, July 22 (Reuters) - Philippine conglomerate San Miguel Corp is willing to sell more shares in Manila Electric Co (Meralco) to the Metro Pacific group, San Miguel President Ramon Ang said on Monday.

"Yes," he told Reuters when asked if San Miguel would offer more of its Meralco shares to Metro Pacific, a unit of which bought last week an additional 10 million shares in Meralco from San Miguel worth $62 million.

Ang, however, said he was not aware that the Metro Pacific group was looking to buy an additional 5 percent stake in Meralco as reported by a local newspaper. To view the report, click on (link.reuters.com/myq79t). (Reporting by Rosemarie Francisco)